Fire is almost always credible, but how best to use the company resources to prevent or protect against that. There are a few solutions I consider better than a PSV. Anything that will prevent the fire is #1, then foam system, fire water spray system, and fire water sprinklers. Is the manifold within reach of a fire water hose or monitor, or would those be deployed on other assets? Does the site have a fire bragade?
You may have to size and install a PSV, no matter what, just to check this person's box.
Good Luck,
Latexman